CFDs on CopperLong
Copper
Updated
The 4 hr move is looking corrective for the most part on the bigger picture. There was a strong impulsive move up and the AO is indicating momentum is still strong. I am suggesting a possible pullback to the green daily trend line and then a another strong impulsive move for the X-Z or a more shallow correction indicating a break of the daily trend line and more down may be on the horizon.
A strong and close breakout of the purple 1 hr TL and I would expect more up to the 230 mark.
So in a nutshell I will trade the fib if price action gets there or I will trade the breakout of the 1 hr up or the daily down.
To view my breakout strategy click the link below.
Educate yourself, create your trade plan, validate your trade plan with other traders ideas. Own your trade good or bad.
A strong and close breakout of the purple 1 hr TL and I would expect more up to the 230 mark.
So in a nutshell I will trade the fib if price action gets there or I will trade the breakout of the 1 hr up or the daily down.
To view my breakout strategy click the link below.
Educate yourself, create your trade plan, validate your trade plan with other traders ideas. Own your trade good or bad.
Note
This one is getting a bit messy around the 1 hr TL. It may pull back before going higher. I would look for a strong break and close above the TL breaking the high before going long. The .618 fib is still in play.Happy pip hunting.
Note
This correction is looking like a possible regular flat. If it is I will look to take this long within about 5% above or below the pivot low at 2.2. Trade active
Trade was activated as per the last update. You are supposed to keep to your trade plan but in this case I am moving my stop to BE. The reason is one of the best traders here shows a short for this commodity and he is not often wrong.Note
Trade closed at BE. I will be looking to re-enter if another buy set up appears.
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